The global battery market is expected to see significant growth in the future, due to the development of the automotive and motorcycle industry. Technological developments and increasing preference for pollution-free hybrid & electric vehicles are expected to drive battery demand over the forecast period. Through technological advances in battery technology have increased the use of various battery-operated devices worldwide. Also, the declining price of lithium-ion batteries and the increasing use of energy storage in various segments had a significant impact on market growth. According to Renub Research Global Battery Market is expected to be more than USD 126 Billion by the end of the year 2025.
Growing environmental concerns around the globe, as well as decreasing oil reserves, are the main factors for increasing electric vehicle battery demand. Advances in battery technology have resulted in faster charging, improved densities of power, and decreased deterioration of batteries. Combined with engine expansion with higher assessment and reliability, battery chemistry improvements have reduced costs and improved vehicle enactment and ability.
Major market driving factors also include declining lithium-ion battery costs, rapid electric vehicle growth, and increasing the renewable energy sector. On the other hand, the mismatch between demand-supply of raw materials may hinder the growth of the battery market.
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